Bharat Petroleum Corporation Ltd on Thursday announced a voluntary retirement scheme for eligible employees and the scheme would remain open till May 31.

Under the scheme, the employees opting for VRS would be given a compensation, which includes 60 days of salary for every completed year in service or balance of salary of remaining years, whichever is less, sources said in Mumbai.

BPCL had earlier submitted a VRS scheme, which included a lower compensation but certain additional monthly benefits such as the percentage of basic pay, the sources said.

However, the proposal was rejected by the government.

Sources said they did not expect a good response to the present VRS scheme.

Out of a total strength of 12,450 employees, about 8,400 are eligible for VRS.